Property Ladder

" I have £50,000 saved but I still can't buy A House . "

Freya Milner , 24, is just one young person trying to get on the Property Ladder with No End in sight.

With mortgage rates the and, she is not alone in worrying about her future.

And those who are renting say they feel they've got no chance of saving enough money to even get a deposit together for A House .

Freya said some support from family meant she was able get her own deposit, but high interest rates and a lack of affordable properties meant she was stuck paying almost half her salary on renting.

She has a well-paid job as a scientific content creator for an educational games company, but said she cannot see how single young professionals are expected to buy without further support.

" My salary isn't enough to cover the threshold to get a mortgage of £200,000, " She Said .

" I was told by previous generations 'get a good degree and the rest will sort itself' but it hasn't.

" Although I work full Time I can't earn enough. I don't drink, I don't go out to eat More Than once a month, normally for a friend's birthday. "

Freya, who pays £775 in rent a month, excluding bills, for her one bedroom flat in Cardiff, said: " I wouldn't mind renting if it wasn't so expensive for a property that often comes with a huge amount of issues. "

She Said she often found properties in the Welsh capital were low quality, and a previous property she was in had a collapsed ceiling which meant she was " so cold I couldn't sleep".

" I think Young People are disheartened. How can we save for The Future when we can't save enough to beat The Price hump from renting to owning? "

Mortgage rates have risen to highest level for 15 years - a typical five-year fixed mortgage deal now has - A Level not seen since the financial crisis.

The Bank of England has said mortgage payments for nearly one million households by The End of 2026.

The Number of, adding even more pressure to buyers.

But it is not just mortgages hitting housing costs, data from Zoopla shows in the in the year leading up to January 2023 was 11. 1%, while the rate in Cardiff rose by 10. 8%.

Rent levels in Neath Port Talbot went up The Most in Wales at 16%.

Andrew Noel, 29, said people like him who rented were being discouraged from saving if they were not able to afford a mortgage anyway.

Andrew, who also lives in Cardiff with a housemate, has been told he must leave His Property in February but is having difficulty finding a new one.

" We've been trying to look for somewhere that won't completely strip our wages every month, " He Said .

" Obviously, we want to have wages left for our energy bills, so we can't be spending £900 each as that is so much money to be able to afford when it really shouldn't be. "

He Said the only option for average earners his age to buy was To Live At Home long enough to brace for The High interest rates or buy as a couple.

" From my point of view, buying right now is not an option unless something magical happens, " He Said .

He Said he believes rent controls may the only way to curb The Problem .

Interest rates are set for the UK by The Bank of England, while housing is a devolved issue in Wales.

The Welsh Government said: " We believe everyone has a right to an affordable and decent home.

" We're committed to publishing a White Paper on the potential to establish a system of fair rents, as well as new approaches to make homes affordable for those on local incomes. "

Source of news: bbc.com